USA: K-Swiss And National Geographic End Footwear License
The agreement, to develop and market a collection of National Geographic-branded outdoor and casual footwear, was ended amicably by the two parties.
"Although the initial reaction to the National Geographic line was well received by retailers and media, it turned out that attempting to implement this business strategy in the post-9/11 retail marketplace proved to be unfortunately timed," K-Swiss president Steven Nichols said.
California-based K-Swiss had previously accrued $4.3 million in anticipated royalty payments for National Geographic, $2.3m of which it will attempt to reverse in fourth quarter 2003.
K-Swiss also designs and manufactures footwear under the Royal Elastics brand.
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